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Correlation between stocks and bonds

Hi all

A rookie question. If I want to calculate correlation between say a stock and a bond, giving that st dev are so different in this case, what is the correct approach to normalise daily returns of such different asset classes? Usually, eg here, they recommend

Corr (X,Y) = covariation (X,Y) / st dev (X) * st dev (Y)

Is the above approach taking care of the fact that two assets may be so different in return variances? if not what is a better approach? Thanks